Texas Housing 2020 In Review

single house

Texas Housing 2020 in review and what’s ahead in 2021

Nearly 393,000 homes were sold in Texas during 2020, a near double-digit percentage increase from 2019.

While homeowners were cautious about listing their homes on the market and hosting in-person showings, the number of homes for sale dropped to record lows.

Texas’ total months of inventory (MOI) dropped to 1.7 months. A total MOI of around 6 months is generally considered a balanced housing market.

Nevertheless, home buying demand accelerated during the summer, fall, and winter for those less affected by the pandemic as remote-work-and-school spaces prompted the desire for additional space in the house, interest rates continued to fall, and a record number of millennials entered the housing market.

New home builders are part of the solution. In response to supply shortages, developers accelerated activity at the earliest stage of the construction cycle. Strong lot development accelerated 8.8% statewide while single-family permits grew 21.9 percent.

Outlook?

The same factors that defined 2020 will remain relevant in the new year.

The Texas Real Estate Research Center expects single-family sales to increase 8.4 percent in 2021 characterized by strong demand yet constrained inventory and substantial price growth.

Read The Full Report Here

Housing Shortage Impacting Buyers Nationwide

About the Author
Mark is the host of "Success Superstars," a weekly show that highlights the blueprint of success, the co-founder of CoRecruit, and the Chief Executive Officer of JP & Associates REALTORS®, a rapidly growing full-service transaction-based real estate brokerage. He has invested nearly 25 years in understanding the inner workings of high performing real estate agents, teams, managers, and leaders in major markets across the world. Mark has served as a business coach in progressive leadership capacities for the 5th largest US-based real estate brokerage firm, in sales and customer marketing leadership capacities for a major consumer goods company, and served a stint in the US Army. He was later recalled to active duty during the desert storm campaign. Mark is a father of 3, a lifelong learner, Spartan, and adventure athlete. He earned his MBA from California State University and a Behavioral Change Certification from the National Association of Sports Medicine.